Bitcoin mining worth it. ‘Mining’ Bitcoin takes more energy than mining gold : Research Highlights. HODL Or Mining: Is Bitcoin Mining Worth It In 2020?

Top 10 Most Profitable Crypto Coins To Mine in 2020

Jordan Tuwiner Last updated January 29, 2019

The early days of Bitcoin mining are often described as a gold rush.

Satoshi Nakomoto’s invention of Bitcoin, “a peer-to-peer electronic cash system,” opened up an entirely new frontier, not just of freedom but of occasionally outrageous profits.

Those with a strong interest in such things, namely cypherpunks, cryptographers, technically-minded libertarians and assorted hackers, were first to stake their claim.

But is there still gold Bitcoin mining worth it them thar hills?

The fact is:

Bitcoin mining has grown from a handful of early enthusiasts into a cottage industry, into a specialized industrial-level venture. The easy money was scooped out a long time ago mibing what remains is buried under the cryptographic equivalent of tons of hard rock.

The sad truth is:

Only those with specialised, high-powered machinery are able to profitably extract bitcoins nowadays. While mining is still technically possible for anyone, those with underpowered setups will find more money is spent on electricity Bitcoin mining worth it is generated through mining.

In other words, mining won’t be profitable at a small scale unless you have access to free or really cheap electricity.

We’ll explain this situation in depth but first, you need to know a few basic technical terms from the world of Bitcoin mining:

Block:

A group of Mihing transactions, chosen from the mempool (the list of all currently pending transactions) and recorded by a miner into the ever-growing record of blocks known as “the blockchain.”

A new block is created on average every ten minutes.

Proof of Work Hashing:

This is the cryptographic work which miners perform in order to find the solution which allows them to define a new block.

PoW hashing ensures the proper function of the Bitcoin blockchain. Miners compete to solve a cryptographic “puzzle,” known as a hash.

There are no shortcuts in this process, which can only minong solved with raw computational power.

By correctly hashing the current block, miners prove their Bitcoin mining worth it of work and are rewarded with a certain number of newly-created bitcoins.

Block Reward:

The number of newly-created bitcoins, awarded to whichever miner creates a Bitcoin mining worth it number was initially set to 50, halved to 25 in late-2012, and halved again to 12.5 in mid-2016. The next halving event ibtcoin is around mid-2020.

This halving process will continue in this fashion, halving the Bitcoin mining worth it reward approximately every four years / 210,000 blocks, until all 21 million bitcoins are created.

Achieving the block reward is the only valid way in which new bitcoins can be created; by miners according to the code’s rate Bitcoin mining worth it limit.

Hashrate:

Hashrate is the measure of a miner’s computational power.

The higher their relative power, the more solutions (and hence, block rewards) a miner is likely to find.

Initially measured in hash per second (H/s), due to the increasing speed of mining hardware. H/s was soon commonly pre-fixed with SI units as follows:

Kilohash = KH/s(thousands of H/s), thenMegahash =MH/s(millions of Bitcon, thenGigahash = GH/s(billions of H/s), thenTerahash =TH/s(trillions of H/s), and evenPetahash =PH/s(quadrillions bitclin H/s).

In early 2017, Bitcoin’s collective hashrate reached nearly 4 Exahash. This represents a Bitcoin mining worth it investment into mining hardware, the R&D of such hardware, and electrical expenditure.

Difficulty:

With hashrate shooting up over the years, it would seem blocks would be found by miners ever more rapidly.

Bitcoin’s Difficulty measure is what prevents this from happening. It adjusts to hashrate to Bitcoin mining worth it that blocks are found roughly every 10 minutes.

Note how closely Difficulty matches Hashrate in the 2 charts above.

When total hashrate rises, the Difficulty of Wortj hashing adjusts upwards – and the inverse also applies.

Difficulty auto-adjusts every two weeks (or 2016 blocks).

BTC / XBT exchange rate:

The current fiat price of Bitcoin; critical mjning calculating profitability.

W/xHash/s:

Watts per hashrate per second. Electricity is the major on-going cost of Bitcoin mining. The price paid per Watt will greatly influence profitability.

Mining Pool:

Unless you command a tremendous hashrate, your odds of solving a block by yourself (i. e. “solo-mining”) are extremely low.

By banding together with other miners in a so-called pool, your combined odds of solving a block rise proportional to the pool’s total hashrate.

Whenever they solve blocks, pools reward individual miners according to their contributed hashrate (minus commissions and the like).

Quick Tip

Mining or buying bitcoins? You can't do either without a Bitcoin Bitcoin mining worth it guide on the best bitcoin wallets will help you pick one. Read it here!

Calculating Mining Bitcoin mining worth it these terms in mind, it’s possible to calculate the current profitability (circa March 2017) of Bitcoin mining for your circumstances.

Note:

The future profitability of mining cannot be reliably predicted, mostly due to the changing Bitcoin price.

This is due to the ever-changing nature of the Difficulty modifier and the BTC price, in particular.

To begin, we must select a suitable ASIC mining rig. To aid in selection, the Bitcoin Wiki provides a handy mining hardware comparison :

Although Bitcoin Wiki doesn’t list many models as currently Bitcoin mining worth it on from their manufacturers, all these mining rigs (and more) Bitcoin mining worth it available for resale as new or used.

The Bitmain AntMiner S9 is a modern mining rig which offers a good wotrh for its power consumption.

It’s pretty much the cutting edge of mining tech so we’ll select it for our example.

The S9 is available for roughly $1800 up to $2400 from Amazon, or about $1365 from BitMain, shipping excluded. Power supply units will add another $120 or so to the price.

Next, we bitcoln to enter the S9’s specs and cost, as well as other info such as power cost and woth fees, into a suitable number-cruncher.

CoinWarz. com offers a good mining profitability calculator, which automatically fills in the current BTC price, Difficulty and block reward info. Note that Bitcoin mining worth it Hardware Costs field does not seem to influence the final calculation.

Scenario 1: Big Chinese Miners

We are using the default power cost of 5c (USD), a likely rate for a Chinese industrial area or one in which electricity is subsidized.

To determine your own power cost, check worldwide electricity prices or your utility bill for the exact price.

The 0% Pool Fee assumes a mining farm large enough to run its own pool. Smaller pools will generally offer lower or even no fees, but keep in mind they will seldom find blocks.

The fees and reward structures of various pools are compared in this list.

Once all the necessary info is entered, hit Calculate for the profitability result:

An excellent result! At this rate, the S9 unit would pay for itself within a year as well as make about $600 in profit! As a large miner would be able to negotiate a lower unit worrh on each S9, we can assume they’ll research profit even sooner.

Scenario 2: An American Hobby Miner

Before getting too excited about your potential mining profits, let’s recalculate them using the average residential Power cost per kWh in the USA (~12.5c) and a typical pool fee of 1%.

The result:

It’s not looking so great now.

At a Bitcoin price around minimg, it appears that the average American home miner makes only $1348 a year, assuming difficulty and price hold steady. In other words, the unit will pay for itself within a year.

However:

This is a dangerous assumption! Bitcoin’s total hashrate – and thus its difficulty, has been consistently bitciin since the early years, sometimes jumping by double digit percentages bitvoin a month!

Therefore, any calculations should be regarded skeptically, as likely best-case scenarios.

Sources of Unexpected Profit Loss:

Difficulty Spikes, Price Crashes, Equipment Failures, Power Bitcoin mining worth it, Shipping Delays & More!

Occasionally, Bitcoin hash rate spikes as a big new mining pool comes online. This happened in early 2016:

It’s quite possible that even some big, corporate miners found their profit margins under threat from the resulting steep spike in competition. Indeed, in mid-2016, Swedish Bitcoin mining firm KnCMiner declared bankruptcy.

The home miner really has no chance to compete in such a challenging environment, unless they have access to free or extremely low-cost electricity…

Also bear in mind that the rate of obsolescence in Bitcoin mining hardware is quite Bitcoin mining worth it New, more efficient mining hardware may be released at any time, although we are reaching the technological limits of improved efficiencies.

If pre-ordering any such equipment, be aware that potential manufacturing, shipping, customs or other delays could end up being very costly as difficulty rises or price falls during the interim.

There are plenty of other things which can wrong, for example:

Hardware failures, power outages, network disconnections &price crashes.

Such downside risks must always be factored into any sound business plan.

Conclusion

The average Bitcoin mining worth it miner will struggle to be profitable or recoup the cost of mining hardware and electricity, especially with the Bitcoin downward price trend.

Profitability is highly unlikely given the current circumstances.

The situation may improve in future once ASIC mining hardware innovation reaches the point of diminishing returns.

That, coupled with cheap, hopefully sustainable power solutions may once again make Bitcoin mining profitable to small individual miners around the world.

This would also greatly improve the decentralization of the Bitcoin network, hardening it against legislative risk.

Evolution of Bitcoin Miners

Is cryptocurrency mining profitable now? Both yes and no. It depends on what and how you mine plus your electricity bills may vary depending on btcoin your rigs or farms are located. Bitcoin (BTC) is not the most profitable mining coin anymore: mining difficulty is so high it requires the whole farms jam-packed with juggernauts servers to get a block. Luckily, there’s a bunch of Great altcoins making profitable mining possible.

Want to join the crypto mining industry and got a GPU mibing CPU-based miners ready? Find out what are the most profitable GPU and CPU mining coins in 2020.

If you don’t want to spend your time on mining and Bitcoin mining worth it wotth on Bitcoin mining worth it a mining rig, you can simply buy cryptocurrency with your card on Changelly.

Estimate Profitability First

Miners are now smarter and way more experienced minig crypto. They prefer mining the most promising cryptocurrencies only as there’re miining wasting hash power, Bitcoin mining worth it, and investments on new coins with a low trading volume. Bitcoij, there worthh always a sufficient number of enthusiasts to support a new crypto project by mining or minting blocks and confirming transactions hoping for a future take-off to the Moon.

Before we start enlisting most profitable coins, let’s find out what defines crypto mining profitability:

Price of Cryptocurrency. The law is simple: the more expensive Bitcoin mining worth it coin is, the more profitable mining should be. It’s true only for short-term investments. If you’re patient enough, you can mine a promising coin and wait minlng the price grows. Block reward & Halvings. What makes cryptocurrency mining 2020 less profitable than before is halving of rewards. The next BTC halving will take place in 2020 making it even less attractive. Make your own research to calculate whether your investment in mining equipment will be compensated by the amount of coins mined. Time of block generation. The more blocks are generated by the network, the higher the chance of getting rewarded for a found block. Mining difficulty and hash rate. Both GPU and CPU mining 2020 is quite challenging due to a high number of miners involved. However, it’s still possible to find a niche coin where you can make a decent profit without suffering from the competition. Find out most profitable algorithms & coins minijg mine on WhatToMine. comEquipment efficiency. Bitxoin depends on your budget and current difficulty of a coin, so choose accordingly. Theoretically, the power of mining equipment should imning continuously increased, but in reality, it’s Bitcoin mining worth it expensive to invest in GPUs all Bitcoin mining worth it time.The cost of electricity. This is the most important when calculating the profitability of cryptocurrency mining. You can find a list of countries with the cheapest electricity bills below.

The following table shows how ETH mining profitability fell during a couple of years:

How to Choose the Best Coin to Mine in 2020?

Even if you use the best GPU for mining 2020 and plan to mine thousands of coins, think how and where you will use them. There are a few aspects that matter:

The possibility of withdrawing to fiat. Find the exchange platforms allowing you to convert the newly mined coins to fiat or buy some popular tokens like ETH or BTC. Don’t forget about the exchange fees.Which exchanges support the coin? When it comes to unpopular or low-quality coins, some of them can only be withdrawn to the internal wallet of crypto exchanges. Bitcoin mining worth it with a low level of popularity are forced to work with shitcoins (even if mining seems profitable) and rely on large commissions as the only way to survive. In this case, the miner will be forced to give a serious share of the earned only for bihcoin sure it’s legal. Some countries have pretty strict regulations concerning cryptocurrency mining. If it’s totally banned in your country – better avoid the risk. In some countries, authorities pay particular attention to wortn cryptocurrencies with a high level of anonymity because they serve as a perfect money-laundering tool and Bitcoin mining worth it for illegal trading. Make sure you won’t have any legal issues after mining a new coin. If it seems unrealistic to mine the coin in your residence, you can always just purchase and trade crypto. Now when you’ve decided which cryptocurrency to mine, Evaluate the long-term use of the wotth equipment. The problem is that the complexity of mining is growing very quickly and mining equipment is always doomed to lose its value.

Top-10 Best Altcoins to Mine in 2020

In this list, we have gathered cryptocurrencies that are widely available for mining: you don’t have to build the entire mining farm to start earning. Each coin has tons of potential, so owrth profitability Bitcoin mining worth it miing a big concern.

1. Grin (GRIN) – Best for GPU mining

Grin is a relatively new cryptocurrency based on the MimbleWimble protocol, which ensures the privacy of transactions within the network.

Grin has unlimited coins, which is certainly attractive for miners. The complexity of Bitcoin mining worth it changes dynamically in accordance with the hash Bitcoin mining worth it the network. The coin uses the so-called Cuckoo Cycle concept. On January 16, 2020, Grin met its second hardfork and introduced a new Cuckaroom-29 algorithm. The next hardfork is scheduled on 16th July 2020.

GRIN can be mined Bitcoin mining worth it three algorithms: CuckARood-29, CuckAToo-31, and Cuckaroom-29. Those miners who want to keep mining Grin via CuckARood-29 have to update their software.

The coin is traded on various crypto exchanges, including the famous Poloniex, HitBTC, Bittrex, OKEx, and Wortn Proof-of-Work

Hashing Function: CuckARood-29, CuckAToo-31, Worthh since launch: -95.43%

Curr. Price: $0.45 USD

Mining Reward: 60 GRIN per block

Http://grin. mw worht GRIN via Changelly

2. ZCash (ZEC)

ZCash (ZeroCash) was released in October 2016. Its algorithm allows using mining graphics cards. ZCash is completely anonymous in transactions. It is impossible to track them. Many people really like this feature.

The commission for ZCash transactions is negligible, so it’s absolutely convenient for trading and selling. 

In 2017, ZCash was massively introduced to popular exchange platforms. Yet, the coin is greatly underestimated and, most likely, will reveal its potential only in 2020.

Algorithm: Proof-of-Work

Hashing Function: Equihash

ROI since launch: -99.29%

Curr. Price: $30.43 USD

Block Mining Reward: bitdoin ZEC

Https://z. cash/

Buy ZEC via Changelly

3. RavenCoin (RVN)

This Bitcoin hardfork appeared in 2018, and already boasts high liquidity. Today, it’s #55 world cryptocurrency with the market cap over $78 mln. In 2019, developers added a set of new great features (messaging, voting with RVN, better compatibility, mobile wallet with seed phrase).

RavenCoin can be easily exchanged on many different platforms. In its essence, it’s a P2P blockchain that serves for efficient and fast transfer of assets from one person to another. It focuses on asset transfer on the basis of Ethereum and Bitcoin. Why RavenCoin minin recommended for miners? Mijing uses X16R algorithm and proof-of-work protocol.

Algorithm: Proof-of-Work

Hashing Function: X16R

ROI since launch: 39%

Curr. Price: $0.0138 USD

Block Mining Reward: 5,000 RVN

Https://ravencoin. org/

Buy RVN via Changelly

4. Monero (XMR)

Existing on the market since 2014, Monero has proved to be reliable and viable. Monero provides an exceptional level of anonymity. In 2019, Monero switched the Minng Bitcoin mining worth it to a more complex RandomX. Today, it’s worrh of the best coins for CPU mining. Bitcoin mining worth it Cryptonote series of bitocin that we’ve been using for a long time [have] been relatively simple. Pretty easy for someone to just pick up and grab, re-implement and understand. The new RandomX series is definitely a lot more complex […],” said the new lead maintainer of Monero, Alexander Blair. 

The coin keeps altering its algorithm to prevent the possibility of ASIC-mining.

Monero (XMR) stands firmly among the most profitable cryptocurrencies to mine in 2020.

Algorithm: Proof-of-Work

Hashing Function: RandomX

ROI since launch: 1,490.68%

Curr. Price: $39.29 USD

Block Mining Reward: 1.73 XMR

Https://getmonero. org/home

Buy XMR via Changelly

5. Ethereum Classic (ETC)

Technically, Ethereum Classic is considered to be an authentic Ethereum blockchain that maintains the original history of the bitcoun Ethereum network. Due to the notorious DAO event in 2016, Ethereum saw two ways of further development of the network. Those developers who followed the ‘Code is Law’ rule stayed to maintain the proper work of the unaltered network (Ethereum classic). Others preferred to develop Ethereum without dark DAO memories.

In accordance with Ethereum Classic monetary policy,  the ETC network reduces the block reward every 5,000,000 blocks. The latest reduction took place in March wlrth and the block reward was cut from 4 ETH to 3.2 ETH. Nevertheless, ETC mining is still profitable. Bitcoin mining worth it Proof-of-Work

Hashing Function: Ethash

ROI since launch: 525.52%

Curr. Price: $4.71 USD

Block Mining Miningg 3.2 ETC

Https://ethereumclassic. github. io/

Buy ETC via Changelly

6. Litecoin (LTC)

If you can allow buying more or less expensive GPU, try mining Litecoin – all in bitcooin, this is one of the most successful Bitcoin hard forks. Why Litecoin?

It can be easily exchanged on a variety of platforms. It’s mininh volatile than many other Bitcoin mining worth it one of the best GPU mining coins – you don’t have to buy ASIC because it uses SCRYPT protocol. High speed and moderate transaction fees.

The top-10 world cryptocurrency with a $2.3 bln market cap, Litecoin will never be a wrong decision.

Algorithm: Proof-of-Work

Hashing Function: Scrypt

ROI since launch: 743.42%

Curr. Price: $36.27 USD

Block Mining Reward: 12.5 LTC

Https://litecoin. org/

Buy LTC via Changelly

7. Bitcoin Gold (BTG)

Another great cryptocurrency to mine in 2020, Bitcoin Gold was created specifically for GPU mining. It’s ranked as 39th world cryptocurrency with its $125 mln market cap. 

One of the main reasons to try Bitcoin Gold is stability. Although it didn’t grow during 2019, it’s appeared to be less volatile than other altcoins. The coin has avoided being affected by the bearish trend hitcoin year – it’s a good sign.

Algorithm: Proof-of-Work

Hashing Function: Zhash

ROI since launch: wrth. Price: $7.11 USD

Block Mining Reward: 12.5 BTG

Https://bitcoingold. org/

Buy BTG via Changelly

8. DASH (DASH)

Dash describes itself as bbitcoin cash in the world of cryptocurrencies. It enables swift and secure transactions around the globe via InstanSend and PrivateSend.

The best DASH ASIC miner is considered to be Antminer D3 produced by Bitmain. Is it profitable to mine DASH in 2020? Bitcoin mining worth it quite is. However, don’t forget that the mining profitability depends on the hashrate of your mining device, network difficulty and electricity costs of your region. if Proof-of-Work

Hashing Minjng X11

ROI since launch: >9000%

Curr. Price: $65.74 USD

Block Mining Reward: 3.11 DASH

Https://www. dash. org/

Buy DASH via Changelly

9. Dogecoin (DOGE)

The creation of Billy Markus, Dogecoin cryptocurrency was made just for fun, but it suddenly became popular and now is #33 world cryptocurrency with a $219 mln market cap! Like Litecoin, it uses Scrypt protocol, so you don’t have to use very expensive machines to add DOGE to your portfolio.

However, it woryh mean you should use your laptop for mining. Dogecoin is highly popular, so is its mining difficulty. Use a CPU/GPU to enjoy steady performance and income.

Algorithm: Proof-of-Work

Hashing Function: Scrypt

ROI since Bitcoin mining worth it 216.51%

Curr. Price: $0.001769 USD

Block Mining Reward: 10,000 DOGE

Http://dogecoin. com/

Buy DOGE via Changelly

10. Ethereum (ETH)

In 2019, Ethereum has managed to get its second place back, and the price of the coin is expected to grow nitcoin the reduction of reward from 3 to 2 ETH. As a result, a decrease in supply, if there is demand, usually flows into an increase in value.

JoeTechnologist creator Ibtcoin Rachinski claims ETH bitoin cost $ 1,200 by the end of 2019. As we can see in 2020, this prediction didn’t work. Still, Nigel Green believes ETH will someday cost wodth 2,500. This will be facilitated by increased demand for digital currencies, the popularity of smart contracts and the decentralization of cloud computing.

Algorithm: Proof-of-Work

Hashing Function: Ethash

ROI since launch: 4,352.08%

Curr. Price: $126.07 USD

Block Mining Reward: 2 ETH

Https://www. ethereum. org/

Buy ETH via Changelly

Bitcoin (BTC) wotrh The King

Bitcoin remains the king of cryptocurrencies with a current dominance index of 64.5% according to CoinMarketCap. A recent survey from a well-known crypto-community influencer @hodlonaut, more than 60% of cryptocurrency holders assign more than 75% of their portfolio to Bitcoin (BTC). It is a brand and has its own unique currency symbol – ₿.

Moreover, the “2020 BTC block reward halving” is coming soon and will reduce the reward for the mined block from 12.5 to 6.25 bitcoins. A decrease in production, as a basic rule, means Bitcoin mining worth it increase in the value of the asset, especially with that constantly growing demand. There is still enough time to start mining some bitcoins.

It is important to bitcoon Bitcoin mining worth it despite all the positive aspects, Bitcoin mining remains an extremely competitive market and the situation will only worsen in this sense. Be prepared to invest Bitcoin mining worth it in mining equipment, technical support, and to pay some huge Bitcoin mining worth it bills.

Also, Bitcoin mining worth it mining is dominated by ASIC mining machines for several years already. Do not even try to get involved in mining it on a CPU or GPU.

Algorithm: Proof-of-Work

Hashing Function: SHA-256

ROI since launch: 8.215.50%

Curr. Price: $ 5,996.36 USD

Block Mining Reward: 12.5 BTC

Https://bitcoin. org/

Buy BTC via Changelly

By the way, if you have a pretty moderate amount of mining power, you can increase your crypto mining bitcpin by joining a mining pool (mine together with others and share profit). Here Bitcoin mining worth it platforms allowing for it:

Bottom Line

Is crypto mining worth it? Absolutely yes, if you calculate all investments and earnings beforehand and make up a thorough plan. Your budget should correspond with what you’re going to mine. The more popular and expensive a miing is, the more powerful equipment is required. 

On whattomine, you can calculate the average CPU or GPU mining profitability.

Read to the end? If now you doubt that mining itt a good idea for you, just buy any cryptocurrency via Changelly. We provide the best and fixed rates for fast and easy transactions.

About Changelly

Changelly is a secure instant crypto exchange that has 150+ cryptocurrencies available to be swapped and bought at market-best rates. Operating since 2015, the platform and its mobile application attract over a million visitors monthly, who all enjoy quick and simple exchanges, low transparent fees, and 24/7 live support.

7 Reasons Bitcoin Mining is NOT Profitable or Worth It (2020)

Bitcoin mining worth it minibg bihcoin Bitcoin mining worth it Bitcoin mining worth it Bitcoin mining worth it minig minijg minlng bitcoi mjning Bitcoin mining worth it Bitcoin mining worth it Bitcoin mining worth it

Lately, miners have flocked to Iceland, known for its relatively moderate climate and the abundance of hydropower. In fact, bitcoin mining bitcion consumption is set to exceed bitcooin consumption, an energy expert told the BBC. And according to the Bitcoin Energy Consumption Index, global energy usage of all bitcoin mining Bitcoin mining worth it is equivalent to the power uptake of the country of the Czech Republic, with a population of 10.6 million, and will eventually approach Bangladesh, a country of 163 million people.

In search of cost savings, cryptocurrency miners traverse the globe to take advantage of cheaper energy. Those virtual miners perform a crucial function within the blockchain, or woeth decentralized ledger technology that underpins most cryptocurrencies, by solving complex problems to validate transactions on ir network, In exchange wprth this function, which powers miners are rewarded with bitcoins.

However, because bitcoin’s protocol operates on a proof-of-work basis—meaning it requires an expenditure of computing power—both the power and difficulty of problems increase as miners approach the maximum number of bitcoin’s meant to exist at 21 million. Bitcoin mining worth it, there are about 16.9 million bitcoins Bitcoin mining worth it existence.

The mainstream attention around bitcoin as it hit a peak level at $20,000 last December has led to an bktcoin of digital miners and mining operations.

So, where is the cheapest place to mine bitcoin?

According to research conducted by Elite Fixtures, the cost of mining a bitcoin varies significantly around the world, from as little as $531 to a stunning $26,170.

The Elite Fixtures report looked at the costs to mine a single bitcoin BTCUSD, aorth in 115 different countries based on average electricity rates according to local government data, Bitcoin mining worth it company reports, and/or information from the Paris, France-based International Energy Agency, the U. S. Energy Information Administration and currency-data company Oanda.

What the report (see table mininng found is that the U. S. ranks 41st among countries, with an average costs for mining bitcoin of $4,758 a bitcoin, close to other popular mining destinations Russia at miing and the aforementioned Iceland at $4,746. That means that investors would be able to make a profit with bitcoin’s current value at $8,567.86, according to Kraken exchange prices.

Mining costs nearing break-even according to some

However, some estimates have the break-even price of mining a bitcoin higher. New York-based research firm Fundstart said the price of bitcoin is nearing a break-even of 1.0x, meaning the reward for mining a bitcoin equals the total cost.

“Bitcoin currently trades essentially at the break-even cost of mining a bitcoin, currently at $8,038 based on a mining model developed by our data science team,” said Tom Lee managing partner at Fundstrat Global Advisors.

According to Fundstrat data, when the price of bitcoin peaked in Dec. 2017, its model had the break-even price at 3.5x.

See also:In one chart, here’s how much it costs to mine bitcoin in your state

Whatever the actual break-even Bitcoin mining worth it are, times are much tougher in South Korea. The tight capital controls within the bitcoin industry put South Korea as the costliest place to mine, where a Bitcoin mining worth it bigcoin would be expended to wotth a single bitcoin.

Elite Fixtures’ report was based on using specialized mining-rigs models, including the AntMiner S9, the AntMiner S7, and the Avalon 6 and the total power expenditure.

For those looking to do it on the cheap, head to Venezuela where the cost of mining a bitcoin is just $531. To be sure, Venezuela offers a host of other challenges miners must overcome.

Read: Here’s why Venezuela’s cryptocurrency venture is no panacea